Earth Overshoot Day marks the date when humanity's consumption of natural resources surpasses what the planet can regenerate in a year. From today until the end of the year, we are living on borrowed time, depleting next year’s natural capital.
This means that next year, Earth Overshoot Day will likely fall even earlier, probably in July (country overshot day2024). This advancing date is a clear indicator that something is fundamentally wrong. The acceleration of this date highlights a critical issue: the global adoption of sustainable development practices is lagging. This approach must encompass all environmental aspects, not just the crucial issue of greenhouse gas emissions.
Today is not just a symbolic date; it underscores a severe ecological debt we are accumulating, a debt that future generations will inherit if we do not take immediate action. This may sound overly provocative, but if we have to explain the significance of today's date to a group of children—who will soon inherit what we have left behind—we would avoid sugar-coating the reality.
The Urgency of Measuring Natural Capital
This sentiment is echoed in the recent report by economist Partha Dasgupta, who urges us to measure not only GDP but also the natural capital eroded in achieving it. The long-awaited Dasgupta Review describes nature as "our most precious asset" and reveals that humanity has collectively mismanaged its "global portfolio": our demands far exceed nature's capacity to supply the "goods and services" we all rely on. The landmark 600-page report makes clear that urgent and transformative action taken now would be significantly less costly than delay, requiring change on three broad fronts. The imbalance between human activities' impact on the biosphere and nature's regenerative capacity is widening.
Kate Raworth eloquently explained this in "Doughnut Economics". She argues for redesigning our society within the planet's resource limits, highlighting the need for a balanced approach to sustainability. Her model, the "Doughnut," envisions an economy that balances essential human needs within ecological ceilings to avoid environmental degradation while ensuring social equity
Sustainability extends beyond environmental concerns to encompass social and economic dimensions. An integrated approach to environmental issues, such as the "planetary boundaries" framework, helps us understand the broader social and economic implications. Natural resources are fundamental to economies and societies, including future generations.
How is Earth Overshoot Day Calculated?
The environmental protection association WWF explains that Earth Overshoot Day is calculated by dividing the planet’s biocapacity (the amount of ecological resources Earth can generate in a given year) by humanity’s ecological footprint (the demand our societies place on those resources for that year) and multiplying the result by 365 days. The ecological footprint is assessed based on six categories: cropland, grazing land, fishing grounds, built-up land, forest products, and forest area required to absorb carbon emissions from fossil fuels.
Every Year, a Little Earlier
With over 8 billion inhabitants, humanity's consumption exceeds the planet's capacity for regeneration and absorption. Over the past fifty years, the situation has deteriorated: in 1974, Earth Overshoot Day fell on 30 November, only a month ahead of the annual resource budget. By 2014, it had moved up to 5 August. In just over fifty years, the day humanity goes into ecological debt has advanced by nearly 150 days. The outlook is not much better: if we continue on this path, it is estimated that by 2030 we will need the resources of two planets to sustain our consumption.
What Can Be Done
To achieve the United Nations Intergovernmental Panel on Climate Change (IPCC, watch the video here to know more) goal of reducing global greenhouse gas emissions by 43% by 2030 compared to 2010 levels, Earth Overshoot Day would need to be delayed by 19 days annually for the next six years. The WWF suggests two strategies to help balance our ecological debt. The first is to generate at least 75% of electricity from renewable sources (up from the current 39%), which would gain us 26 days. The second strategy involves improving energy efficiency in buildings, industrial processes, and electricity production, which could save another 21 days.
Integrating Sustainability into Business Operations: Homa's Commitment to a Greener Future
Recognising this, Homa has evolved its sustainability strategy, (discover our ESG commitee) increasingly integrating it with our business operations. Our efforts focus on reducing greenhouse gas emissions within our operations and value chain while also driving innovation. Our comprehensive strategy includes initiatives aimed at local communities, people, and biodiversity protection.
We are a leading OEM specialising in the production of home cooling appliances, and we take pride in our position as a critical player in the industry. Over the past 20 years, we have successfully captured the attention and gained export leadership in the global market by understanding its unique dynamics. We aim to maintain this position by aligning our production capabilities with our customers' sustainability goals and needs.
Our responsibility starts with product design where a shift towards sustainable materials and renewable resources will gradually reduce waste and promote recycling. By implementing eco-design principles, we manufacture products caring about durability, recyclability, and we put a particular focus on reparability (TSM and SPM are special activities that prove our commitment).
We are committed to making a positive impact and ensuring that our business practices contribute to a sustainable future for all.
Key Factors Affecting the Calculation of Earth Overshoot Day
Several parameters significantly impact the calculation of Earth Overshoot Day:
. The consumption of renewable and fossil energies
. The use of subsoil
. The extraction of natural resources
. Food choices
. The emission of greenhouse gases into the environment
. The amount of waste produced
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Copyright HOMA 2024- Issued By Homa Marketing dept. on July 2024
